Dec 9, 2012 9:00am PST
needs in china and india and industrialized nations. what do you think is the biggest threat from the outside to the u.s. economy? >> the fiscal cliff. first of all i think there are issues that are beginning to improve and, you know, whether you look at the euro zone which is making progress, gradually, laboriously and certainly improving and with good numbers because if you look at thinge ia because if you look at thinge a greg gat euro zone debt, and you have political stability back now that the new team is in place so the volatility and the instability factors that are outside have reduced. the real threat that we have at the moment is really here with us and that can be addressed. >> but when you look at, i mean i understood that the european banks had sort of downsized or downgraded what they thought would be growth. you've got more than 11% unemployment in the euro zone, which is a good deal higher than here. >> yeah yeah. >> are those things threats to the u.s. economy or do you think the u.s. economy now is destabilizing or has the potential to destabilize the world economy?
Dec 9, 2012 6:00am PST
deficit or debt, those numbers are better. china's numbers have improved lately, and you have political stability back. so the volatility of the instability factors that are outside have reduced overtime. the real threat that we have is here, with us, and that can be addressed. >> but when you look at -- i understand that bangs being downsides our down afraided, you have more than 11% unemployment in the euro zone, which is a good deal higher than here, are those things threats to the u.s. economy, or do you think it is now destabilizing, or has the potential to destabilize the world economy? >> i think because it is relatively closed, it trades with itself and immediate neighbors, is less vulnerable to what happens outside, for instance in europe. but, the consequences would be relatively minor. it is more exposed to it's own difficulties, and it's own issues, than to what happens elsewhere in the world, because it is such a large player. >> so we're our own 5,000 pound gor ri gorilla. >> let me ask you as a final question, january 2nd arrives, no deal, what will we notice fi